Austral Resources Australia Ltd: Board Approves Scoping Study for Lady Colleen

Brisbane, Australia - Copper producer Austral Resources Australia Ltd. (ASX:AR1) is pleased to announce that the Austral Board has approved a Scoping Study for the Lady Colleen (LC) Development Project. The scoping study has commenced to assess the potential of the LC Mineral Resource to support an open cut mining project.

Lady Colleen is located on an existing Mining Lease (ML90170) within 2 km of the Mt Kelly processing facility where Austral is currently producing copper cathode from the Anthill mine. Existing infrastructure, which sits within granted mining leases, will also be available for the Lady Colleen project, including workshop, haul road, ROM pad, and camp - See Figure 1* below.

The current diamond drilling program at Lady Colleen is targeting extensions to the existing Mineral Resource Estimate as well as upgrading portions of the Inferred Resource to Indicated and Measured status. Drill core from the current drilling program will be utilised to create a composite that is representative of the Lady Colleen deposit, that will be used for flotation test work and to test the metallurgical characteristics of the ore.

Lady Colleen contains a JORC Mineral Resource Estimate of 7.9MT at 0.84% Cu - see Table 1* below.

The quoted resource was calculated in 2013 by the previous mine owner and released by Austral in its IPO prospectus.

Work is currently underway with an independent resource geologist to incorporate the results from the existing drilling into an updated Mineral Resource Estimate for Lady Colleen. Austral are targeting a lower tonnage, higher grade sulphide resource that could be economically mined by open pit.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/62BKXGT6

About Austral Resources Australia Ltd:

Austral Resources Australia Ltd. (ASX:AR1) is a copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction/electrowinning (SXEW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral is developing its Anthill oxide copper mine which has an Ore Reserve of 5.06Mt at 0.94% Cu. The Company expects to produce 40,000t of copper cathode over a four-year period from mid-2022.

Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.

Source:
Austral Resources Australia Ltd.

Contact:

Jane Morgan Investor and Media Relations Manager T: +61-405-555-618 E: jm@janemorganmanagement.com.au